Job Creators Network Calls Out Biden Administration’s Unfair Mortgage Subsidy Rule

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on a new Biden administration rule that forces mortgage borrowers with good credit scores to subsidize the mortgage costs of those with bad credit:

“The Biden administration is out of control, attempting to turn the economy in a socialist direction through every federal agency, one rule at a time. The latest attack is a new Federal Housing Finance Agency regulation that forces mortgage borrowers with good credit to subsidize the mortgage costs of those with bad credit. That’s unfair to borrowers who have scrimped and saved their entire lives to pay their debts back on time. This rule forces them to pay via higher mortgage costs for the mistakes of those who took on too much bad debt. Borrowers are already contending with high-interest rates and significantly tightened lending standards. The costs of this rule are only another headwind for ordinary Americans and small businesses looking to secure a mortgage and flourish in Biden’s economy. This rule is nothing short of an attack on the American Dream of homeownership.”